Cairo – Mubasher: Egyptians for Housing and Development Co has submitted a request to the Egyptian Exchange (EGX) to increase its paid-up and issued capital to EGP 264 million from EGP 240 million.

The company’s capital will be increased by EGP 24 million distributed over 96 million shares at a nominal value of EGP 0.25 apiece, the EGX said in a statement on Monday.

The capital raise will be funded from the company’s profits and retained earnings as per the financial statements for the year ended 31 December 2020.

The request is still under review by the EGX.

During the first quarter (Q1) of 2021, the company registered net profits of EGP 7.79 million, up from EG 3.61 million in Q1-20.